Cyberinsurance Tips for Healthcare

According to the  FBI Internet Crime Report(IC3) -2024 data(Released April 2025)  Healthcare had more cyberthreats than any other critical infrastructure industry in 2024. 444 reported (See FBI IC3 Report).

2024_IC3Report.pdf

According to the IBM Cost of a Databreach report 2024 the average cost of a data breach was 4.88 million. The report went on to find that healthcare had the highest average cost of a data breach at 9.8 million. https://www.ibm.com/reports/data-breach#

Statistics such as this have not gone unnoticed by insurance companies who have had to make numerous payouts to cover the claims from these attacks.

These payouts have resulted in a complete overhaul of the underwriting practices surrounding cyberinsurance. Insurance companies are now demanding to see the specific cybersecurity practices that a prospective policyholder has implemented. It is becoming increasingly difficult (and costly) for clinics and practices to get cyberinsurance, and healthcare organizations that have fallen victim to ransomware have found they are unable to renew their policies or that their insurance companies canceled them altogether.

Insurance companies are now demanding to see the specific cybersecurity practices that a prospective policyholder has implemented.

The new threat landscape requires health care IT leaders to ensure they are addressing the most common vulnerabilities to meet not only regulatory requirements but also the new paradigm surrounding cyberinsurance.

In this Security Boulevard article, Cyberinsurance Tips for Health Care, Med Tech Solutions security officer Bob Satyal discusses what healthcare IT leaders must do to minimize exposure to ransomware risk—and cyberinsurance costs.

Make sure you’re prepared.

READ THE FULL ARTICLE

Then download our Ransomware Prevention and Preparation Checklist for a step-by-step guide!

Need more information to learn how MTS can help your organization, contact us today!